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Philippine central bank keeps policy rate unchanged

The central bank of the Philippines kept its interest rate on the overnight reverse repurchase facility unchanged at 3.0%, saying that inflation remains within target in 2018 and will moderate further in 2019.

The monetary board of the Bangko Sentral ng Pilipinas said upside risks to the inflation outlook persist due to price pressures from minimum wages and transport fares. These could be tempered by non-monetary measures including unconditional cash transfers and transport subsidies, the central bank said.

Domestic activity continued to be firm on the back of strong demand, robust credit and liquidity growth and a sustained recovery in global economy.

"Economic growth remains solid enough to absorb some policy tightening if warranted," the central bank said.